Political Quotes

“Mr. Chairman, Congress gave the Consumer Financial Protection Bureau, the CFPB, the job of ensuring that consumer protection laws are enforced consistently and that companies do not engage in unfair, deceptive, or abusive practices. The statute is clear that this authority extends to oversight of nonbank companies that offer financial services or products. Consistent with its mission of protecting consumers from abusive practices, the CFPB's nonbank registry will provide increased transparency over this sector and deter bad behavior. This amendment would stymie the CFPB's important effort on behalf of consumers and block the agency from preventing abusive practices by nonbanks that offer Financial Services or products. Congress has to focus its attention on strengthening consumer protections for working people and investors, preventing companies from charging junk fees, and supporting enforcement to crack down on unscrupulous behavior. These are things we should be doing. Mr. Chairman, I strongly oppose this amendment, I urge a ``no'' vote, and I reserve the balance of my time.”